PNB Home Loan Calculator
The PNB Home Loan calculator helps you calculate your home loan EMI (Equated Monthly Installment) with ease. The calculator uses details like your loan amount, interest rate and the loan duration to show you the EMI amount. The calculator makes it easy for you to decide about buying a new house.
A home loan is a financial product offered by banks or housing finance companies that allows individuals to borrow funds for various purposes related to homeownership. These purposes may include purchasing a new home, buying a resale property, constructing a new house, or renovating/extending an existing one.
An EMI refers to the fixed sum of money paid by borrowers to lenders each month, comprising both the principal loan amount and the interest accrued on it. It is a structured repayment method that offers affordability for borrowers by breaking down a larger loan amount into manageable monthly payments over a predetermined period, usually ranging from a few months to several years.
How Does The PNB Home Loan EMI Calculator?
Below is the formula used to calculate the EMI for your home loan.
Where,
P is the principal home loan amount
r is the rate of interest per month
n is the loan tenure in months
Example:
You are planning to take a home loan for ₹28 lakhs. The interest rate of the home loan is 7% per annum. The duration of the home loan is 10 years. Let's calculate your monthly EMI amount.
EMI = P x ( r x (1 + r)^n) / (( 1 + r)^n - 1)
EMI = 28,00,000 x (0.07/12 x (1 + 0.07/12)^10) / ((1 + 0.07/12)^10 - 1)
EMI = ₹32,510
If you take a home loan for ₹28 lakhs at an interest rate of 7% per annum for a tenure of 10 years, you will have to pay an EMI of ₹32,510 every month.
How To Use The PNB Home Loan EMI Calculator?
All you need to do is enter the following to arrive at your EMI:
- Input the desired loan amount that you wish to avail.
- Key in the interest rate.
- Specify the desired loan term for which you wish to avail of the housing loan.
Once all the details are entered, the calculator will show you the total loan amount, interest amount, and monthly EMI amount.
Example:
Mr Somu is looking to take a home loan for ₹45 lakhs. The bank is charging him an interest rate of 8.7% per annum. The repayment tenure of the loan is 16 years. We can use the formula to calculate his monthly EMI amount.
EMI = P x ( r x (1 + r)^n) / (( 1 + r)^n - 1)
EMI = 45,00,000 x (0.087/12 x (1 + 0.087/12) / ((1 + 0.087/12)^16 - 1)
EMI = ₹43,490
Mr Somu has to pay a monthly EMI of ₹43,490, if he takes a home loan for ₹45 lakhs at an interest rate of 8.7% for 16 years.
Benefits Of Using The PNB Home Loan EMI Calculator
The following are the benefits of a home loan EMI calculator:
- The home loan EMI calculator is useful in planning your cash flows much in advance so that you easily make your home loan payments whenever you avail of a home loan.
- The calculator is simple and easy to use.
- The calculator helps you arrive at the right home loan amount that best fits your monthly budget.
- The calculator is easily accessible online from anywhere.